Willis Group Holdings plc was a multinational risk advisor, insurance brokerage and reinsurance brokerage company with its headquarters in the Willis Building in London until its merger of equals with financial services company Towers Watson in 2016. It was the world's third-largest insurance broker when measured by revenues.[1] Willis has around 400 offices in 120 countries and approximately 18,000 employees.[2]
Willis was previously listed on the New York Stock Exchange before its early-2016 'merger of equals' with Towers Watson. After the deal closed, the combined company began trading on the Nasdaq exchange under the symbol, WLTW (Nasdaq: WLTW).[3]
The company was founded by Henry Willis in London in 1828, and initially operated as Henry Willis & Co.[4] In 1898 it merged with Faber Brothers (founded in 1886) to form Willis Faber,[4] and then in 1928 it merged with Dumas & Wylie (founded in 1843) to create Willis, Faber & Dumas.[4] It was first listed on the London Stock Exchange in 1976 as Willis Faber.[4]
It expanded into the United States in 1990 when it merged with Corroon & Black (founded as R. A. Corroon & Co. in 1905) to form the Willis Corroon Group.[4] In 1998 in a leveraged buyout the company was acquired by Trinity Acquisition on behalf of KKR,[4] and in 1999 the name Willis Group was adopted.[4] It was first listed on the New York Stock Exchange in 2001.[4]
In October 2008, Willis acquired Hilb, Rogal & Hobbs Co. (HRH), one of the largest insurance and risk management intermediaries in North America and this has boosted their North American presence, as well as acquired Glencairn Limited which has augmented its Lloyd's of London Market strength.[5]
Willis announced plans in 2009 to relocate its registered office from Bermuda to Ireland.[6] Its shareholders approved the move in December 2009, and the company announced on 31 December 2009, that its reorganisation has been completed and the new parent company of the Willis Group – known as Willis Group Holdings Public Limited Company – is incorporated in Ireland.[7][8]
In 2015, the Court of Appeal of England and Wales held that the Group was entitled to an interim injunction to prevent Jardine Lloyd Thompson, a competing firm of brokers, from unfairly recruiting its remaining staff. More than 20 employees, including nearly all senior staff in one department, had left Willis to work for JLT.[9]
On 30 June 2015, Willis Group announced it would merge with Towers Watson to form Willis Towers Watson. It was stated that the combined company operated in 120 countries, with a workforce of approximately 39,000 employees and revenues of $8.2 billion[10] and a value of $18 billion.[11] The merger was concluded on 5 January 2016 after all regulatory approvals were received.[12]
Willis moved into the Willis Building, its new London headquarters, in May 2008.[13]
The Willis Building in Ipswich, England, is one of the earliest buildings designed by Norman Foster after establishing Foster Associates. Constructed between 1970 and 1975 it is now seen as a landmark in the development of the 'high tech' architectural style. It is one of the youngest buildings to be given Grade I listed building status in Britain.[14]
The 110-story Sears Tower in Chicago was renamed the Willis Tower in July 2009. Willis secured the naming rights as part of its agreement to lease 140,000 square feet (13,000 m2) of space in the 3,800,000-square-foot (350,000 m2) tower.[15] It was the world's tallest building from 1974 until 1998, when it was surpassed by the Petronas Towers in Kuala Lumpur, Malaysia.[16]
Operations
Willis has 400 offices in more than 100 countries.[17]
^Five minutes with...teen polar explorer Parker Liautaud Travel Bite, 30 September 2013
External links
Official website
January 06, 2023
willis, group, holdings, multinational, risk, advisor, insurance, brokerage, reinsurance, brokerage, company, with, headquarters, willis, building, london, until, merger, equals, with, financial, services, company, towers, watson, 2016, world, third, largest, . Willis Group Holdings plc was a multinational risk advisor insurance brokerage and reinsurance brokerage company with its headquarters in the Willis Building in London until its merger of equals with financial services company Towers Watson in 2016 It was the world s third largest insurance broker when measured by revenues 1 Willis has around 400 offices in 120 countries and approximately 18 000 employees 2 Willis Group Holdings plcTypePublicIndustryInsurance brokerFounded1828 1828 London SuccessorWillis Towers WatsonHeadquartersLondon EnglandKey peopleDominic Casserley CEO ProductsInsurance Risk managementHuman resource consultingRevenue 3 8 billion 2014 Operating income 647 million 2014 Net income 362 million 2014 Number of employees18 000Websitewillis comWillis was previously listed on the New York Stock Exchange before its early 2016 merger of equals with Towers Watson After the deal closed the combined company began trading on the Nasdaq exchange under the symbol WLTW Nasdaq WLTW 3 Contents 1 History 2 Merger 3 Buildings 4 Operations 5 Sponsorship 6 See also 7 References 8 External linksHistory Edit The Willis Building in London The company was founded by Henry Willis in London in 1828 and initially operated as Henry Willis amp Co 4 In 1898 it merged with Faber Brothers founded in 1886 to form Willis Faber 4 and then in 1928 it merged with Dumas amp Wylie founded in 1843 to create Willis Faber amp Dumas 4 It was first listed on the London Stock Exchange in 1976 as Willis Faber 4 It expanded into the United States in 1990 when it merged with Corroon amp Black founded as R A Corroon amp Co in 1905 to form the Willis Corroon Group 4 In 1998 in a leveraged buyout the company was acquired by Trinity Acquisition on behalf of KKR 4 and in 1999 the name Willis Group was adopted 4 It was first listed on the New York Stock Exchange in 2001 4 In October 2008 Willis acquired Hilb Rogal amp Hobbs Co HRH one of the largest insurance and risk management intermediaries in North America and this has boosted their North American presence as well as acquired Glencairn Limited which has augmented its Lloyd s of London Market strength 5 Willis announced plans in 2009 to relocate its registered office from Bermuda to Ireland 6 Its shareholders approved the move in December 2009 and the company announced on 31 December 2009 that its reorganisation has been completed and the new parent company of the Willis Group known as Willis Group Holdings Public Limited Company is incorporated in Ireland 7 8 In 2015 the Court of Appeal of England and Wales held that the Group was entitled to an interim injunction to prevent Jardine Lloyd Thompson a competing firm of brokers from unfairly recruiting its remaining staff More than 20 employees including nearly all senior staff in one department had left Willis to work for JLT 9 Merger EditMain article Willis Towers Watson On 30 June 2015 Willis Group announced it would merge with Towers Watson to form Willis Towers Watson It was stated that the combined company operated in 120 countries with a workforce of approximately 39 000 employees and revenues of 8 2 billion 10 and a value of 18 billion 11 The merger was concluded on 5 January 2016 after all regulatory approvals were received 12 Buildings Edit The Willis Tower in Chicago Willis moved into the Willis Building its new London headquarters in May 2008 13 The Willis Building in Ipswich England is one of the earliest buildings designed by Norman Foster after establishing Foster Associates Constructed between 1970 and 1975 it is now seen as a landmark in the development of the high tech architectural style It is one of the youngest buildings to be given Grade I listed building status in Britain 14 The 110 story Sears Tower in Chicago was renamed the Willis Tower in July 2009 Willis secured the naming rights as part of its agreement to lease 140 000 square feet 13 000 m2 of space in the 3 800 000 square foot 350 000 m2 tower 15 It was the world s tallest building from 1974 until 1998 when it was surpassed by the Petronas Towers in Kuala Lumpur Malaysia 16 Operations EditWillis has 400 offices in more than 100 countries 17 Sponsorship EditWillis Group was the sponsor of The Willis Resilience Expedition a scientific program in Antarctica to better understand Global warming and build resilience to weather related risk 18 See also Edit London portal Companies portalMarsh McLennanReferences Edit Top Global Insurance Brokers AM Best Retrieved 12 March 2020 Willis Group Holdings Fact Book Willis Group Holdings Retrieved 21 August 2010 Tan Gillian 9 December 2015 Towers Watson s Odd Choice of Words Bloomberg News Retrieved 7 May 2016 a b c d e f g h Willis History Insurance broker Willis to buy HRH Business Week June 2008 Willis Proposes Change in Place of Incorporation to Ireland Press Release Willis Investor Relations 31 December 2009 Willis Group holders agree to move co to Ireland Associated Press 11 December 2009 Retrieved 17 December 2009 Davies G and Smedley D Injunctions A matter of equitable principle Walker Morris published 1 June 2015 accessed 21 November 2021 Willis Group and Towers Watson Announce Merger to Create Leading Global Advisory Broking and Solutions Firm 30 June 2015 Willis and Towers Watson to merge in 18B deal CNBC Retrieved 30 August 2010 Comtois James 13 July 2015 Towers Watson Willis merger to combine strengths Pensions amp Investments Crain Communications Retrieved 7 September 2015 Crunch And the Willis building is sold World Architecture News 13 May 2008 Pioneering management guidelines for modern listed buildings Context September 1995 Willis Tower Becomes Official Sears Tower Renamed Huffington Post 17 July 2009 Fodor s Chicago 2010 p 125 Stephanie Butler Kelly Kealy Alexis Kelly Random House Inc 2009 ISBN 1 4000 0860 3 Retrieved 17 December 2009 Willis The Willis Way Five minutes with teen polar explorer Parker Liautaud Travel Bite 30 September 2013External links EditOfficial website Retrieved from https en wikipedia org w index php title Willis Group amp oldid 1127624025, wikipedia, wiki, book, books, library,
